Step 3: Gnosis Auction
The most fair way to find the initial settlement price.
Put on hold, due to uncertainty for the OpenEthereum client, which is the foundation of ARTIS 2.0 with Honey Badger BFT, streaming money and built in ATS deflation via stablecoin minting. More about it in our blog post.
The 'Auction & Liquidity' Pool will be used to provide xATS tokens for the Gnosis Auction system (currently developed and specified, see Github). The Gnosis Auction is a way to find a fair price for a token, because everyone can provide a bid at any time and define the price freely (above a minimum price). If there are more bids than the provided token supply, the highest bids will get the tokens and will only pay the lowest full settlement price (= Final Price).
The details for the auction are not yet fully defined and will be released soon. In order to give you a sense of what parameters we will have:
xATS are sold for
TBD, time before bids are locked
Min. xATS price
TBD, minimum bidding price
Min. xDAI Funding
TBD, minimum auctioning amount
Auctioned xATS Tokens
TBD, total amount of available tokens
Min. xATS bid package
TBD, smallest token package to bid on
gATS Token Distribution
Additional rewarding of early and general participation